Director/PDMR Shareholdings: Vesting of Options

Time Finance PLC

03 October 2023

 

3 October 2023

Time Finance plc

("Time Finance", the "Group" or the "Company")

Unapproved Share Option Scheme - Vesting of Awards

Director/PDMR Shareholding

Time Finance plc, the AIM listed independent specialist finance provider, announces the vesting of an aggregate of 790,166 historically awarded share options following achievement of time-based performance criteria in relation to the Company's 2020 Unapproved Share Option Scheme (the "2020 Scheme") and the achievement of profit-based performance criteria in relation to the Company's 2022 Unapproved Share Option Scheme (the "2022 Scheme").

The terms of the 2020 Scheme and 2022 Scheme were previously announced by the Group on 29 October 2020 and 22 July 2022 respectively. It remains the Board's strong intention that existing ordinary shares held by the Company's Employee Benefit Trust will be utilised to meet any future exercise of these vested options and also of any further 2022 Scheme options that could vest in the future. The vested options are all held by the below Directors/PDMRs of the Company and may be exercised at any time prior to the exercise expiry date.

	Position	Number of Vested Options	Scheme	Exercise expiry
Ed Rimmer	CEO	411,666	2022 Scheme	30 September 2028
Steve Nichols	PDMR	100,000	2022 Scheme	30 September 2028
Sharon Bryden	PDMR	100,000	2022 Scheme	30 September 2028
James Roberts	CFO	123,500	2020 Scheme	30 September 2024
Lorraine Neyland	PDMR	31,000	2020 Scheme	30 September 2024
Phil Chesham	PDMR	24,000	2020 Scheme	30 September 2024

The 2020 Scheme is now complete with no further options under the scheme remaining unvested.

There remain a further unvested 1,223,333 share options previously granted under the 2022 Scheme. Subject to the recipients' continued employment with the Group and the achievement of stretching profit targets for the next two financial years, the remaining currently unvested 2022 Scheme options would vest in equal tranches in October 2024 and October 2025.

The notifications below, provided in accordance with the requirements of the UK Market Abuse Regulation, provide further details.

For further information, please contact:

Time Finance plc

Ed Rimmer, Chief Executive Officer                                                                                      01225 474230

James Roberts, Chief Financial Officer                                                                                 01225 474230

Cavendish Securities plc (NOMAD and Broker)

Ben Jeynes / Charlie Combe (Corporate Finance)                                                          0207 220 0500

Michael Johnson / George Budd (Sales)

Walbrook PR                                                                                                                           0207 933 8780

Paul Vann / Joe Walker                                                                                                          07768 807631

[e-mail]

About Time Finance:

Time Finance's purpose is to help UK businesses thrive and survive through the provision of flexible funding facilities. It offers a multi-product range for SMEs concentrating on asset, loan and invoice finance. While focussed on being an 'own-book' lender, the Group does retain the ability to broke-on deals where appropriate, enabling it to optimize business levels through market and economic cycles.

More information is available on the Company website: www.timefinance.com.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1.     James Roberts 2.     Lorraine Neyland 3.     Phil Chesham 4.     Ed Rimmer 5.     Steve Nichols 6.     Sharon Bryden
2	Reason for the notification
a)	Position/status	1.     Chief Financial Officer 2.     PDMR 3.     PDMR 4.     Chief Executive Office 5.     PDMR 6.     PDMR
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Time Finance plc
b)	LEI	213800VG3QJGBP2MKR86
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Share Options over Ordinary Shares of 10p each
b)	Nature of the transaction	Vesting of Unapproved Share Option Scheme share options
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.     Nil pence 2.     Nil pence 3.     Nil pence 4.     Nil pence 5.     Nil pence 6.     Nil pence 1.     123,500 2.     31,000 3.     24,000 4.     411,666 5.     100,000 6.     100,000
d)	Aggregated information - Aggregated volume - Price	n/a - see table above
e)	Date of the transaction	2 October 2023
f)	Place of the transaction	Outside of a trading venue

 

END